10 financial reasons to never buy a home

Homeownership used to be part of the American dream, but times — and costs — have changed.

While only about 37 percent of households in the U.S. are renter-occupied, more than 55.9 million Americans under 30 live in rental housing, according to the National Multifamily Housing Council’s 2016 American Community Survey. One reason millennials lean toward rentals could be the high costs in the housing market. As of the first quarter of 2017, 25 percent of U.S. housing markets were less affordable than historic averages, reported ATTOM Data Solutions.

On the other hand, more people might choose to rent instead of buy simply because they want to, said Todd Barton, CEO of property management company Renters Warehouse Atlanta. "The American dream has changed," he said.

Between high maintenance costs, insurance premiums and property taxes, you might want to rethink that desire for home ownership.

Here are 10 reasons you could save money as a renter: